Petredec offloads stake in Carib LPG
VLGC owner to sell its 60% share to Tropical Energies and Windward Investment for an undisclosed sum
Petredec is selling its 60% in LPG operator and trader Carib LPG, which it co-founded in 1991, to Panamanian business group Tropical Energies and Windward Investment, the investment arm of co-founding Lewis family
PETREDEC, the Singapore-based owner of liquefied petroleum gas carriers, is selling its 60% in Carib LPG, the LPG trader and operator it co-founded in 1991, the company announced on Friday.
The buyers are Panama-based business group Tropical Energies, which said it would acquire a 50% stake in the company, and Windward Investment, the investment arm of the Lewis family, which co-founded Carib LPG and owns 40% of the company.
Financial details of the transaction were not disclosed.
The sale “better positions Petredec to focus on and enhance its leading refrigerated LPG logistics platform, while the proven track records of the acquiring investors ensure continued positive developments for LPG in the Caribbean and Central American markets”, the company said.
Petredec boasts a fleet of 23 very large gas carriers and 10 medium-sized gas carriers, with two more MGCs capable of carrying ethane/ethylene on order.
The Fearn family own 59.92% of the company while the remaining 40.08% is held by Bahri, Saudi Arabia’s national shipping company.
Download the Lloyd’s List App — the essential tool for staying ahead in the maritime industry, anytime, anywhere! Available now on the App Store and Google Play. More information here
